The Emergency Economic Stabilization Act of 2008 was passed during a time of substantial stock market declines in the United States and the…

a. “The Emergency Economic Stabilization Act of 2008 was passed during a time of substantial stock market declines in the United States and the world. In your opinion, was Congress correct in directing a review of an accounting standard? Discuss.

b. Did the SEC play a proper role in addressing the standards that governed mark-to- market accounting? Discuss.

c. Did the SEC have the authority to change mark-to-market accounting for U.S. GAAP? Discuss.

d. Did the FASB follow its usual procedures in addressing the mark-to-market issue? Discuss.

e. Is politicization of accounting standards justified under material economic turmoil? Comment.”

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